Cardiovascular devices are being used in diagnosing and treating cardiovascular diseases. The market includes companies that produce cardiovascular surgery and cardiac rhythm management (CRM) devices, interventional cardiology and peripheral vascular devices, electrophysiology devices etc., used in cardiovascular surgeries, treating arrhythmia and other cardiovascular diseases. Furthermore, cardiovascular diseases, such as stroke and high blood pressure are increasing the demand for cardiovascular devices, along with rising awareness and demand for minimally invasive surgeries, which are expected to drive the cardiovascular devices market.
Cardiovascular devices market
A research report anticipated that the global cardiovascular devices market is expected to decline from $53.6 billion in 2019 to $44 billion in 2020 at a CAGR of -18%. The decline was mainly because of the lockdown measures due to the COVID-19 outbreak. Also, the decrease in the demand for cardiovascular devices could be due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices, to contain the spread of virus and keep the staff safe, contributed to this decline. The report mentions after then, market is expected to recover and grow at a CAGR of 7% from 2021 and reach $69.3 billion in 2023.
Demand for minimally-invasive cardiac surgeries is increasing as they are less disruptive and traumatic for the human body, and result in less post-surgical recovery time and improved efficiency. For instance, robot assisted heart surgeries are more evident in valve surgeries and heart surgeries, wherein surgeons use a computer enhanced device to guide the surgical tools, consisting of robotically-guided arms that reach and operate in difficult-to-reach areas, and a robotically controlled 3D camera for visualization. These surgeries are replacing traditional methods with larger incisions.
Grand View research projects cardiovascular devices market by product and segment growth upto 2024 at a CAGR of 6.6%. In addition, the growing geriatric (aged) population worldwide, is fueling the number of cases diagnosed with heart disorders due to the high susceptibility of this population pool to developing cardiac diseases. As a result, the huge target population is positively impacting the growth of the cardiovascular market.
Diagnostic, monitoring and surgical devices
Diagnostic and monitoring device segment is further segmented into ECG, Holter monitors, event monitors, implantable loop recorders, echocardiograms, PET scans, MRI, cardiac CT, and doppler fetal monitors. Especially, in the home healthcare segment, portable and compact designs of ECG are increasing their adoption globally. With the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely on time, which further fuels market growth.
In addition, event monitors enable data storage, which is pushing the penetration of these systems in-home healthcare and point-of-care applications to a great extent.
Surgical devices segment is further categorized as pacemakers, stents, catheters and accessories, guidewires, cannulae, electrosurgical procedures, valves, and occlusion devices. Preference of stents over bypass surgeries is primarily driving their dominance. Also, rising demand for minimally invasive surgeries is increasing the application
of stents in the treatment of coronary artery disease.
Asia-pacific region to grow fast
The United States dominates cardiovascular devices market, owing to the high prevalence of cardiovascular disease, the high adoption rate of minimally invasive procedures, presence of reimbursements, rising geriatric population, and the high demand for continuous and home-based monitoring. Furthermore, the ongoing development in the cardiovascular field and technological advancements are expected to propel growth of the US cardiovascular devices market.
North America was the largest region in the global cardiovascular devices market, accounting for 37% of the market in 2019. Asia-Pacific was the second largest region accounting for 24% of the global cardiovascular devices market. Africa was the smallest in the global cardiovascular devices market.
Asia-Pacific is expected to witness the fastest growth during the forecast period with Japan anticipated to lead the overall market, followed by China. China is estimated to have the largest geriatric population in the world with the highest obesity. These factors are expected to increase the prevalence of cardiac diseases in this country, hence positively impacting the growth of the Asia-Pacific market. In addition, the booming medical tourism industry in this region also fuels the demand for cardiovascular systems in countries such as Japan, China, Malaysia, Thailand, and India.
Cardiovascular devices sector is fragmented with many local manufacturers competing with international companies. Thus, global players are adopting strategies such as mergers, acquisitions, and collaborations to expand their product offerings and customer base, thereby expanding their market share.
Additionally, the companies are competing in the emerging regions with global as well as local players. In countries, such as China and Japan, local players control a significant share of the market. The major players in the global cardiovascular devices market are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc, Edwards Life sciences, Terumo Cardiovascular Systems Corporation and St. Jude Medical, Inc.
Cardiovascular diseases are the leading cause of death across the world. Though factors, such as high device maintenance cost, coupled with stringent regulatory product approval procedures are hindering growth of the global cardiovascular devices vertical, yet the hospitals are promoting home healthcare and remote patient monitoring services, hence triggering the demand for cardiac monitoring systems.